The nominees for the 89th Academy Awards were revealed on Tuesday morning and the breakout hit modern musical "La La Land" scored the most nominations with 14, tying a long-held record for most nods for a single film that was previously shared by eventual Best Picture winners "Titantic" and "All About Eve."

Hollywood's highest honor, the Oscars recognizes the best cinematic offerings of the past calendar year. See full list of this year's nominees below.

"La La Land," given its unique combination of original songs and technical bravado — including a now iconic opening dance sequence — as well as its sentimental homage to Hollywood, was long considered the front-runner heading into Tuesday's nominations.

Hot on its heels, however, is the unconventional and universally acclaimed LGBT-themed coming-of-age film "Moonlight." The critical darling took home the Best Drama award at the Golden Globes earlier this month in an evening that was otherwise dominated by "La La Land." It scored eight Oscar nominations, including nods for Best Picture, Director, Supporting Actor and Supporting Actress.

"Moonlight" is also just one of several films this awards season that successfully reversed the #OscarsSoWhite trend of the last two years — where no performers of color were recognized in the major acting races — and the film's representation in several categories would represents a triumph for diversity and a signal that Hollywood has heeded calls for more inclusion.

Among this year’s nominees were seven non-white actors: Dev Patel, Octavia Spencer, Denzel Washington, Viola Davis, Naomie Harris, Mahershala Ali, and Ruth Negga. In fact, this was the best showing for actors of color in a single year in the history of the Academy Awards.

"The African American Film Critics Association is totally thrilled with the record-breaking number of nominations earned this year by actors and other creative artists of color," Gil Robertson IV, president of that critics group told NBC News. "The AAFCA applauds the Academy’s efforts and we hope that their progress continues to reflect America’s rich diversity."

Meryl Streep — the perennial Oscar favorite and recent foe of President Donald Trump — broke her own record for the most Academy Award nominations for a performer, earning her 20th nod for the true story-inspired "Florence Foster Jenkins."

Meanwhile, the emotionally devastating "Manchester by the Sea," the family drama "Lion," the mind-teasing sci-fi epic "Arrival," Broadway adaptation "Fences," the neo-western heist film "Hell or High Water," the war film "Hacksaw Ridge" and the inspirational NASA biopic "Hidden Figures," all made it into the Best Picture race.

In the acting and directing categories, film buffs and industry watchers should recognize some familiar faces like Denzel Washington, Emma Stone, Natalie Portman, Jeff Bridges, Ryan Gosling, Viola Davis and Nicole Kidman — but there was also a significant number of first-time nominees, particularly in the directing category, where some up-and-coming filmmakers like Denis Villeneuve ("Arrival"), Damien Chazelle ("La La Land") and Barry Jenkins ("Moonlight") all earned their first nominations.

Controversial actor-director Mel Gibson appears to have been accepted back into the Hollywood fold, earning his first nomination since he won the Best Director award just over 20 years ago for "Braveheart."

The awards will be handed out on February 26th at a ceremony hosted by comedian Jimmy Kimmel, which means the nominations announcement is just the beginning of roughly a month of speculation and buzz. And even if you aren't an awards season junkie, know that the prestige of an Oscar nomination can mean a lot for a film's bottom line. Typically, nominated films see a big boost at the box office.

In the past decade alone, films often make as much as quarter of their profits post-nominations, according to research from Box Office Mojo. In 2014, 70 percent of the grosses for Oscar contenders came after nominations were announced.